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14 Nov, 2022 13:17

EU member sees record jump in food costs

Prices for groceries in Finland have soared 15.7% in October compared to a year ago
EU member sees record jump in food costs

Food inflation in Finland saw a year-on-year increase of 15.7% last month, TASS reported on Monday, citing data released by the country’s statistics center.

The price surge, reportedly the steepest since Finland joined the European Union 27 years ago, has been attributed to “a rise of prices for fertilizers and energy carriers caused by the coronavirus pandemic and the conflict in Ukraine.”

The EU is facing a sharp rise in energy prices and record inflation amid anti-Russia sanctions and a policy of abandoning Russian oil, natural gas, coal and other commodities. The situation is expected to lead to energy rationing and shortages across the entire region.

The biggest jump was recorded for flour, eggs, coffee and butter. Prices for flour increased 46%, while those for other food products soared by more than 30%.

“Prices will continue to rise until the end of the year and at least in the first half of the next one,” said Jyrki Niemi, research professor at Natural Resources Institute Finland, as quoted by the agency.

Two weeks ago, preliminary Eurostat data showed that in October inflation in Finland rose to 8.3%, marking the lowest rate among EU member states after Malta.

Last month, Eurostat reported that the price of coffee in the EU had seen an average year-on-year surge of nearly 17% with Finland leading the ranking. The jump in coffee prices in the country reached 44% for the 12 months to August 2022.

For more stories on economy & finance visit RT's business section

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